기업지배구조와 회계 : 연구동향과 미래 제언 = Corporate Governance in Accounting Research : Insights, Practice Implications, and Future Research Directions

다국어 초록 (Multilingual Abstract)

Over the past three decades, the corporate governance literature in accounting and auditing has grown rapidly. To better understand this body of work, we discuss the literature review and summarize selected results (i.e., clusters of papers with new and interesting results) from recent empirical research papers. Many recent studies deepen our understanding of the link between corporate governance characteristics and accounting outcomes, such as fraudulent financial reporting, restatements, earnings management/accruals quality, and accounting conservatism. Specially, the studies provide deeper, more current insights into the relation between governance characteristics and fraudulent financial reporting. Overall, these studies continue to find governance quality and fraud to be negatively related, but there are questions about the magnitude of the effects. Recent studies reinforce the notion that companies with stronger governance are more likely to select and retain high-quality external auditors. Finally, research also has addressed the role of audit committee quality in shareholder ratification of the auditor, once the audit committee has selected the auditor. This study has following purposes. First, we need to incorporate multiple actors in firms’ governance into the analyses, as most studies associate governance variables with accounting/auditing variables, but paid little or no attention to multiple actors. Second, we need to address governance processes (what boards and audit committees actually do and how they do it), not just governance characteristics such as independence or financial expertise. Third, we need to further examine on the relation between corporate governance and accounting/auditing in other theory than agency theory, such as stewardship theory, stakeholder theory, resource dependence theory, institutional theory, managerial hegemony theory that do not follow agency theory in governance model. Fourth, as the examination of governance characteristics deepens, we need to develop better measures of board and audit committee characteristics, and need to explore interactions among governance characteristics, as opposed to simply the effect of each individual characteristic. Fifth, we need to be much more careful in dealing with endogeneity in governance research, as governance characteristics and outcomes of interest(accounting, auditing, and internal control) may be affected by some of the same variables. We believe that the findings to date have a number of important implications for practice. First, the weight of evidence suggests that weak governance is associated with an increased likelihood of adverse financial reporting outcomes(in particular, fraud and restatements). Thus, perhaps the most fundamental practice implication is that the governance research findings to date are, on an overall basis, consistent with the focus on improved corporate governance(e.g., board independence and audit committee expertise) founded through SOX and related regulatory reforms. That is, the governance reforms in SOX have empirical support and are not simply unsupported reactions to a crisis. Second, since the board and the audit committee are primary mechanisms for the internal monitoring of top management’s financial reporting behavior, external auditors need to very carefully examine corporate governance characteristics and processes in assessing the control environment. Third, many research indicates that external auditors assess risk higher and plan more audit hours for firms with weak governance. However, whether auditors adequately adjust for weak governance has not been examined. Figure 1 presents our organization framework for reviewing firms’ governance and accounting literature in Korea.

참고문헌 (Reference)

1 이아영, "최고경영자의 교체이유와 내부승진 및 외부영입 최고경영자의 이익조정 수준의 차이" 한국회계학회 34 (34): 45-78, 2009

2 김유진, "최고경영자의 경영권 집중도와 신용등급에 관한 연구" 한국회계학회 27 (27): 95-120, 2018

3 곽영민, "최고경영자에 대한 경영권 집중화 수준과 기업가치" 한국회계학회 42 (42): 187-226, 2017

4 곽영민, "최고경영자 교체유형에 따른 차별적 시장반응에 관한 연구" 한국회계학회 24 (24): 317-355, 2015

5 곽영민, "최고경영자 교체유형과 이익조정 행태간의 관련성" 한국회계학회 36 (36): 129-184, 2011

6 최종원, "최고경영자 교체 유형이 재무제표의 비교가능성에 미치는 영향 : 최고경영자의 경력에 대한 고민을 중심으로" 한국회계학회 28 (28): 107-147, 2019

7 최종원, "최고 경영자 교체가 감사보수 및 감사시간에 미치는 영향" 한국회계학회 45 (45): 249-283, 2020

8 조형진, "지분율 괴리도와 투자이상현상" 한국회계학회 39 (39): 189-227, 2014

9 심호식, "지분율 괴리도와 공시 정보의 빈도 사이의 관계" 한국회계학회 35 (35): 39-74, 2010

10 선우혜정, "지분율 괴리도가 재무분석가의 이익예측치오차에 미치는 영향" 한국회계학회 35 (35): 1-34, 2010

11 정재욱, "지배주주지분변화의 사전공시 필요성" 한국회계학회 17 (17): 205-227, 2008

12 정재욱, "지배주주지분변화 전 이익조정과 주주간 이해상충" 한국회계학회 36 (36): 139-168, 2011

13 이아영, "지배주주의 지분구조와 실제이익조정- 소유권과 소유지배괴리도를 중심으로 -" 한국회계학회 37 (37): 157-189, 2012

14 배창현, "지배주주와 소액주주 사이의 대리인문제가 외부감사에 미치는 영향 : 감사보고시차를 중심으로" 한국공인회계사회 55 (55): 249-275, 2013

15 권대현, "지배주주-소액주주 간 대리인문제가 이사회 및 감사위원회 특성에 미치는 영향" 한국회계학회 37 (37): 121-155, 2012

16 이세용, "정공시제도 도입으로 인한 회계이익의 가치관련성 변화에 대한 연구" 한국회계학회 36 (36): 37-70, 2011

17 강내철, "재무분석가의 현금흐름 예측치 활용과 발생액의 왜곡평가" 한국회계학회 44 (44): 173-197, 2019

18 정성환, "재무분석가의 발생액 구분 능력과 경영자 이익조정과의 관계에 관한 연구" 한국회계학회 36 (36): 103-133, 2011

19 김경혜, "재무분석가 정보를 활용하고자 하는 경영자의 유인이 경영자의 예측공시 성향과 산업집중도 간의 관계에 미치는 영향" 한국회계학회 40 (40): 166-202, 2015

20 최종원, "이익정보의 유용성과 질이 경영자의 자발적 예측정보공시에 미치는 영향" 한국회계학회 19 (19): 137-159, 2010

21 김성혜, "외국인투자자의 특성과 실제이익조정- 외국인대주주의 역할을 중심으로" 한국회계학회 37 (37): 129-165, 2012

22 김문태, "외국인투자자의 소유와 사외이사의 특성이 신용평가에 미치는 영향" 한국회계학회 32 (32): 29-58, 2007

23 신혜정, "신국제감사기준(New ISA) 600 도입과 부문재무제표 감사품질의 관계에 대한 연구" 한국회계학회 41 (41): 79-114, 2016

24 박경서, "상품시장에서의 경쟁과 기업지배구조의 상호작용이 투자와 배당에 미치는 영향" 한국재무학회 24 (24): 483-522, 2011

25 손성규, "상품시장 경쟁과 감사보수 결정" 한국회계학회 39 (39): 229-265, 2014

26 최재은, "불성실공시지정의 효과" 한국회계학회 38 (38): 199-230, 2013

27 손성규, "불성실공시지정 및 부과벌점이 내부회계관리제도 검토의견과 감사의견에 미치는 영향" 한국회계학회 37 (37): 1-40, 2012

28 이상철, "대리인문제와 기업지배구조가 회계이익의 정보성에 미치는 영향" 한국관리회계학회 8 (8): 1-37, 2008

29 이문영, "대규모기업집단 소속기업의 이사회 특성과 공시 빈도 사이의 관계" 한국회계학회 37 (37): 279-320, 2012

30 서윤석, "내부회계관리제도에 대한 인적자원 투자와 외부감사에 관한 연구: 직급별 감사시간과 감사품질을 중심으로" 한국회계학회 43 (43): 81-117, 2018

31 최현정, "내부회계관리제도 검토의견이 감사인 교체에 미치는 영향" 한국회계학회 38 (38): 133-169, 2013

32 이준일, "내부통제제도에 대한 선행연구의 정리와 미래 연구방향의 제안" 한국회계학회 41 (41): 201-268, 2016

33 권기정, "기업혁신과 비감사서비스" 한국경영학회 40 (40): 573-604, 2011

34 박종일, "기업지배구조와 이익조정: 최대주주 지분율을 중심으로" 한국회계학회 28 (28): 135-172, 2003

35 안홍복, "기업지배구조와 이익조정: 주요대주주와 지배권경쟁가능성을 중심으로" 한국회계학회 38 (38): 43-85, 2013

36 서정우, "기업지배구조와 이익유연화에 관한 연구" 한국회계학회 38 (38): 41-79, 2013

37 김여진, "기업지배구조보고서의 자발적 공시와 기업가치" 한국세무학회 21 (21): 127-156, 2020

38 강정연, "기업지배구조가 조세회피와 기업가치의 관계에 미치는 영향" 한국회계학회 39 (39): 147-183, 2014

39 이준일, "기업지배구조가 내부회계관리 담당인력 숫자에 미치는 영향" 한국회계학회 20 (20): 1-33, 2011

40 민재형, "기업의 환경, 사회, 지배구조 요인과 재무성과의 관계 : 공유가치창출의 경험적 근거" 한국경영과학회 32 (32): 113-131, 2015

41 박선영, "기업의 이익 상향조정 경향 및 경영성과와 사외이사의 임기 중 자발적 사임" 한국회계학회 37 (37): 195-226, 2012

42 유현수, "기업의 경영전략에 따른 보수적 회계처리의 차이에 관한 실증연구" 한국회계학회 41 (41): 113-164, 2016

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44 김창범, "과잉투자가 이익조정에 미치는 영향" 한국경영학회 37 (37): 901-925, 2008

45 김정옥, "계속감사기간에 따른 회계정보유용성의 차이: 회계정보의 가치관련성을 중심으로" 한국회계학회 38 (38): 145-178, 2013

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48 최규담, "경영전략과 발생액의 질" 한국회계학회 25 (25): 261-305, 2016

49 김유진, "경영전략과 경영자 보상체계의 적합성이 기업성과에 미치는 영향에 관한 연구" 한국회계학회 26 (26): 45-72, 2017

50 김수인, "경영자의 자기과신적 Tone과 실질활동 이익조정" 한국회계학회 29 (29): 1-39, 2020

51 차명기, "경영자의 자기과신 성향과 조세회피" 한국회계정보학회 34 (34): 441-485, 2016

52 김경혜, "경영자의 자기과신 성향과 내부회계 담당인력의 우수성" 한국회계학회 29 (29): 1-36, 2020

53 안혜진, "경영자의 능력이 재무제표의 비교가능성에 미치는 영향" 한국회계학회 45 (45): 253-290, 2020

54 최종서, "경영자의 과잉투자성향과 이익조정의 관련성" 한국회계학회 35 (35): 75-132, 2010

55 유혜영, "경영자의 과신성향이 재무보고 방식에 미치는 영향: 보수주의를 중심으로" 한국회계학회 40 (40): 41-80, 2015

56 김경혜, "경영자 이익예측정보가 미래 이익조정 및 미래 시장기대치 달성에 미치는 영향" 한국회계학회 39 (39): 255-292, 2014

57 고대영, "경영자 이익예측과 4분기의 이익조정" 한국회계학회 22 (22): 199-227, 2013

58 김경혜, "경영자 예측정보의 연속적 공시행태에 관한 연구- 전기 예측정확성 및 재무분석가의 영향을 중심으로" 한국회계학회 38 (38): 279-312, 2013

59 황인이, "경영자 능력이 주가폭락위험에 미치는 영향" 한국회계학회 44 (44): 111-154, 2019

60 김상미, "경영자 능력이 재무제표의 비교가능성에 미치는 영향" 한국회계학회 29 (29): 71-102, 2020

61 최세라, "경영자 능력이 연구개발비를 이용한 실제 이익조정에 미치는 영향" 한국회계학회 28 (28): 101-139, 2019

62 이건, "경영자 능력이 보수주의에 미치는 영향에 관한 연구" 한국회계학회 40 (40): 257-297, 2015

63 조은정, "경영자 능력이 경영자-감사인간 의견불일치에 미치는 영향: 감사 전 재무제표의 증권선물위원회 제출의무화를 중심으로" 한국회계학회 25 (25): 37-65, 2016

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66 손혁, "감사인의 성별이 감사품질과 보수주의에 미치는 영향" 한국회계학회 38 (38): 327-364, 2013

67 김정옥, "감사인의 규모가 회계정보의 가치관련성에 미치는 영향" 한국회계학회 38 (38): 81-111, 2013

68 송보미, "감사위원회의 특성이 선도형 경영전략을 채택하는 기업의 공격적 이익조정 수준에 미치는 영향" 한국회계학회 45 (45): 173-206, 2020

69 송보미, "감사위원회 재무전문성의 세부구성이 산업전문가 감사인 선임 및 감사보수에 미치는 영향" 한국회계학회 42 (42): 209-243, 2017

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